Cold Bore Technology Hits Major Growth Milestones as a New Industry Standard Emerges
- Cold Bore records +43% revenue growth & 70% increase in full time employees in past 6 months
- Sees significant increases in SmartPAD deployments in five major basins across the US
CALGARY, Alberta–(BUSINESS WIRE)–Cold Bore Technology Inc. (“Cold Bore”), the leader in frac completions automation and platform technology, announced today record 2021 growth in key areas including new customers, revenue, team size and technology infrastructure.
In the six months from April to October, 2021, Cold Bore saw unprecedented demand for its SmartPAD completions platform and control system, increasing deployments by over 38% from the previous six month period. SmartPADs were installed within operations across five new U.S. basins including; DJ Basin, Utica, Scoop Stack, Delaware and Haynesville, meaning the technology able to interconnect and automate completions operations is fast becoming a defacto completions operating system for producers within 12 major shale plays in the US and Canada.
In line with the increased adoption of its technology, Cold Bore also saw revenue increase by over 43 percent in the period and full time employee headcount increase by 70%.
“Having a standardized master control system has quickly become a key differentiator in successful completions and is advancing the industry quickly towards fully automated operations,” said Brett Chell, CEO at Cold Bore. “We’re committed to ensuring we consistently have the very best hardware, software and skilled talent to meet the demand we’re seeing and play our part in moving the industry forward, making it safer, cleaner and more sustainable.”
Cold Bore is leading a major shift in the completions (fracing) industry towards a new standard of operating by providing oil & gas companies (operators) with a centralized digital platform called SmartPAD. SmartPAD is an end-to-end, fully integrated “Plug and Play” completions platform. Acting as a central control system and connection point, SmartPAD automatically tracks an independent and complete multiservice timestamp for the entire operation. Second by second the SmartPAD standardizes the entirety of data collection, visualization and communication between services and the operator. This is the universal connection point to end all data and protocol variability struggles with a universal approach that makes formatting every pad as easy as “Plug and Play”.
The latest growth figures come hot on the heels of Cold Bore’s $14M growth financing round led by bp ventures with participation from the Canadian Business Growth Fund (CBGF).
About Cold Bore
Cold Bore Technology Inc. (“Cold Bore”) is a global leader in completion optimization technology, developing the first Completions Operating System through Cold Bore’s SmartPAD service.
For more information, please visit – https://www.coldboretechnology.com
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